Updated Stats and a PSA
February 2023 stats.
February stats are here and inventory has dropped back down to a 1-month supply in both King and Snohomish counties. 📉 This is higher inventory than we saw last year at this time, but still seems to not be enough to support our demand. In certain pockets, we are seeing multiple offers once again! 📝
You will also notice here that the median price is down in both counties. Remember that this time last year was the kick off to one of the most frenzied markets I'd ever seen and bidding wars were at an extreme high. For the most part, the frenzy has cooled, so we aren't seeing the percentage over list price we did last year at this time. This partially accounts for the drop in median price. ⚖️
Rates are also higher today which has slowed some buyers, but please know that when they go back down, which they will eventually, the frenzy will likely return. ✨
My public service announcement for today: Don't wait to buy until everyone else does too! Get in now, even at the higher rate, refinance later, and start earning equity ASAP. You'll be glad you did. 🏡
What a wild ride the start of 2022 has been for real estate!
In 17.5 years of being an agent, I've never seen a market this frenzied, nor bidding wars this intense. I'm routinely seeing homes in Seattle sell contingency free and for $300-500K over the list price!
Curious what is fueling this fire? Well, we are sitting on unprecedented demand as our population increases, and as luck would have it, the low inventory followed us into the new year. We did see a tiny increase in both King and Snohomish counties in January as opposed to December, but it is not nearly enough to support the current demand. Buyers are poised to take advantage of current interest rates before they rise.
January's stats also pointed out some pretty amazing price gains year over year too - 10% for King County and an astronomical 23% for Snohomish County!
Will inventory increase this spring? I sure hope so! Typical seasonal cycles would say yes, but while that may be unpredictable for now, it is a phenomenal time to be a seller! The ball is fully in your court to cash in on some tremendous equity. Interested in what your home may be worth? Let's chat to see how you can put the insane market to work for you and drop some cash in your pocket!
End of Year Market Stats
End of year market stats are in!
December was predictably dry with new inventory, down 59% in King County and down 39% in Snohomish. This forced median sales prices to rise by large margins. (A whopping 26% increase in Snohomish County and 11% in King County since December of 2020!)
As you can imagine, the new year is off to a frenzied start with some pretty intense offers happening all over the place. I just witnessed a home in Redmond receive 33 offers and sell for $800K over asking! To date, that's the largest jump I've seen and it's completely mind blowing. We are hopeful that more inventory will come as we get closer to spring to help spread buyers out a bit and release some of the tension.
If you have a home to sell, there's truly no time like the present to make a move before inventory rises. Let's chat to see how we can help you capitalize on this unprecedented inventory shortage and cash in on your equity. I think you'll be pleased with the results!
Snohomish County Market Report
Snohomish County your stats for December are in! We ended the year with a bang and the new year is off to a frenzied start. Average days on market down by 20 days from December 2019 .3 month supply of inventory down from .9 months in December 2019 Median sales price increased by $40,000 to $533,000 from December 2019I can't stress enough how low a .3 month supply of inventory is. It's practically non-existent!
As buyers try to cash in on the historically low interest rates, homes are flying off the shelves in true bidding war fashion. If you have a home to sell, it's an amazing time to do it! Send me a note and I'd be glad to show you how much equity you may be sitting on. Let's make 2021 your year!
November 2020 Market Stats - Snohomish County
I know I sound like a broken record lately, but the inventory levels are just beyond low! For King County, the inventory was 17.8% lower this November than in November 2019. In Snohomish County, it was 63.3% lower this November than last. This accounts for both single family and condos combined. Wow and yikes! All this with no shortage of buyers in sight.
I've said it before and I'll say it again...if you have a home to sell in either county, we desperately need you! Contact me for a complimentary market analysis to see where your value lies and how we can help you capitalize on your equity in 2021!"
Prices have really jumped particularly in Pierce and Snohomish County. If you have been considering a move or are interested in tapping into your equity, I'd be happy to help with a complimentary market analysis for your property. Your home may be worth more than you think!
Average days on market down by 16 days from November 2019
Inventory is at a .4-month supply!
Median sales price up by $82,000 from November 2019 to $547,000
You may be asking what a .4-month supply of inventory really means. Well, I'm glad you asked. It means that it would take only .4 of a month to sell EVERYTHING currently available in ALL of Snohomish County. This includes single family, condos, and townhomes. Snohomish County encompasses a very large territory, so to be able to sell everything that fast means inventory is pretty non-existant! In 16 years of doing business, I don't think I've ever seen a level that low.